AVMs 101 – What is an AVM and how do we use them?

An automated valuation model or AVM is a computer program that uses statistical models coupled with a database to estimate the market value of a property as of a specific date. The accuracy of an AVM depends on the data used and the skill of the modeler who produced […]

We Won!

We are excited to have won the International Association of Assessing Officers’ (IAAO) Bernard L. Barnard Outstanding Technical Essay Award. I couldn’t have been prouder to accept the award on our behalf at the awards luncheon at the 80th Annual IAAO Conference on August 25. I was lucky to […]

Greenfield Advisors Nominated for Outstanding Essay Award

Three of Greenfield Advisors’ staff are proud to be nominees for the International Association of Assessing Officers’ (IAAO) Bernard L. Barnard Outstanding Technical Essay Award.

This award, named in honor of Dr. Barnard, past Director of Research for the IAAO, is presented to the best article or essay on technical […]

Using Hedonic Modeling to Predict Neighborhood Demographic Changes

How can planners direct optimal, sustainable neighborhood development? Increasingly complex urban land use models have been developed to facilitate this task.
My dissertation research involved the best way to identify neighborhoods in hedonic pricing models1 and the types of households (based on income and demographic characteristics) most likely to move into […]

Do Survey Results Systematically Differ From Hedonic Regression Results? Evidence From a Residential Property Meta-Analysis

In this paper, we evaluate the effect of environmental contamination situations on residential property values. Using the meta-analysis technique, conclusions are drawn about the effect of location, type of study conducted, empirical technique used, and economic conditions on various outcomes. Using observations extracted from 40 peer-reviewed articles, meta-regression analysis […]

Advanced Appraisal Methods

 
In August, the Appraisal Institute held its annual meeting in San Diego. This was a great 3-day educational event, with top speakers on cutting-edge valuation topics.
I’m pleased to have been invited to present a tutorial on advanced valuation methods, which complimented a week-long Institute course designed by Dr. Marv Wolverton, […]

An Alternative Spatial Hedonic Estimation Approach

Housing studies typically use parcel level distance variables or some variant of the spatial weights matrix approach to incorporate spatial effects into hedonic regression models. In this paper, using very detailed data on household attitudes and parcel attributes, hedonic regression residuals are used in a structural equations framework to […]

Appraising Real Estate in Complex Environmental Class Actions: An Expert’s View

Class actions dealing with real property contamination often require some method of valuing the properties. Individual appraisals on those properties are not required; mass appraisal methods meet both the Frye and Daubert tests and can be superior to individual methods in class actions or mass torts. Professional appraisal standards […]

Factors Influencing CBD Land Prices

In rapidly moving but thinly traded real estate markets, attempts at valuation using traditional or ‘first generation’ approaches can be problematic. Fortunately, other valuation models are available. This manuscript demonstrates the use of an economic model, including unemployment rates and vacancy rates, to value downtown land over time.
Authors: Bill […]

The Brownfield Challenge

Most appraisers can agree on four key points about valuing brownfields:

Contamination poses an issue that must be considered in the appraisal process.
Proximate contamination significantly impairs property values.
Multiple impairment mechanisms are at work, including actual cost-to-cure, increased ongoing maintenance costs, and stigma.
The valuation process is complex, often requiring advanced valuation approaches […]

House Price Impacts of School District Choice

Prior studies indicate that school quality has a significant impact on house prices in surrounding neighborhoods. However, the mechanism for that impact is clouded in simultaneous equations complexity and causality issues. This study approaches the matter from the perspective of choice variables available to local school administrators and citizens. […]